Posted: Feb 16, 2013 2:33 PM by Associated Press
PHOENIX (AP) - The Navajo Nation has reached an agreement in extending a lease for a coal-power plant that would give the tribe a substantial boost in annual payments.
The proposed agreement, posted Friday on the tribe's website, is for a 25-year lease that will expire in 2044 and will increase lease payments from $3 million a year to $45 million a year to the tribe.
The original lease allows the owners of the power plant to extend it without the approval of the Navajo Nation, but plant operator Salt River Project says it wanted to gain the tribe's support before taking the lease extension to the U.S. Department of the Interior.
Navajo Nation spokesman Erny Zah says the tribe took advantage of the negotiations as a way to gain more favorable terms.
The Navajo Nation Council has not scheduled a vote.
Click here to submit a news tip to us!
Become a Facebook Fan!
Help those in need this holiday season
Win! Win! Win!
Wise Local Marketing!
Get news, weather and more on your smartphone and tablet!
Get texts for news, traffic, deals and more!
Sign up on KVOA.com for newsletters, exclusive deals, and more!
What's happening on News 4 @ 4
Stories and videos with Kristi's Kids
Check out the latest events FC Tucson has scheduled.
Let us help grow your business
Digital Channel 4.2
What's on KVOA and when!
Contact info for our department heads
KVOA's on air personalities!
Work at News 4 Tucson
Complete feeds of all KVOA.com stories
FCC Public File of Records, Reports, and More